It was announced last week by the Nigerian Bureau of Statistics that Nigeria’s inflation rate reduced to 13.34 percent in March, its lowest in 14 months. Food inflation also decreased by 2 percent between February and March 2018, to 16.8 percent. The latest figures for Nigeria’s inflation rate also meant that it was the first time it went below the Central Bank’s lending rate for the first time since Nigeria went into recession in 2016.
Hence, the CBN’s Monetary Policy Committee, at its next meeting, could cut the lending rate now that the inflation rate has reduced.
Below is the Ventures Africa Weekly Economic Index, for the week ending 13th of April 2018. This economic index gives you a glimpse into other recent activities in Nigeria’s economy as well as changes and prices that could affect the economy:
Nigerian Stock Exchange
Data released by the Nigerian Stock Exchange (NSE), as of 13th of April 2018, showed that the all share index appreciated by 0.21 percent from the previous week ending 6th April 2018. Market capitalization at the close of trading during the week under review was N14.784 trillion which was also a 0.21 percent increase from N14.753 trillion recorded the previous week. The All Share Index for the week under review closed at 40,928.70
Top five price Gainers and Decliners in the week under review:
Top five price gainers
LEARN Africa Plc.
Cement Co.of North Nig. Plc.
Japaul Oil & Maritime Services Plc.
Top five price decliners
C & I Leasing Plc.
Consolidated Hallmark Insurance Plc.
Unilever Nigeria Plc.
N.E.M. Insurance Co. (Nig) Plc.
United Bank for Africa Plc.
How did the Naira fare?
During the week under review, the Naira remained stable against the dollar in the parallel market. It was sold at N360/$ on Friday 13th of April 2018, maintaining the same value it recorded on the 6th of April 2018.
How did the price of oil fare?
Global oil prices went up last week from almost $68 per barrel on the 6th of April to $71.90 per barrel on the 13th of April, partly due to air strikes launched on Syria by US, UK and France.